Dow Chemical selling UOP stake to Honeywell for $825M

SteveGelsi

NEW YORK (MarketWatch) -- Dow Chemical
DOW, +0.93%
on Monday said its Union Carbide subsidiary would sell 50% of its UOP unit to Honeywell
HON, -0.74%
for $825 million. UOP is an international supplier and licensor of process technology, catalysts, process plants and consulting services to the petroleum refining, petrochemical and gas processing industries. UOP, which had 2004 annual revenues of $1.2 billion, will become part of Honeywell's specialty materials portfolio. Shares of Dow Chemical rose 70 cents to $41.67 on Friday. Honeywell fell 5 cents to $37.50.

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